Texas Permanent School Fund Corp grew its holdings in PacWest Bancorp (NASDAQ:PACW – Free Report) by 33.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,386 shares of the financial services provider’s stock after purchasing an additional 26,280 shares during the period. Texas Permanent School Fund Corp owned approximately 0.09% of PacWest Bancorp worth $1,025,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of PACW. Fisher Asset Management LLC raised its holdings in shares of PacWest Bancorp by 39.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,593,934 shares of the financial services provider’s stock worth $59,531,000 after acquiring an additional 729,761 shares in the last quarter. Quadrant Capital Group LLC grew its position in shares of PacWest Bancorp by 528.1% in the fourth quarter. Quadrant Capital Group LLC now owns 4,384 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 3,686 shares during the last quarter. Cipher Capital LP acquired a new stake in shares of PacWest Bancorp in the fourth quarter valued at about $392,000. Sippican Capital Advisors grew its position in shares of PacWest Bancorp by 8.7% in the fourth quarter. Sippican Capital Advisors now owns 48,000 shares of the financial services provider’s stock valued at $1,102,000 after purchasing an additional 3,839 shares during the last quarter. Finally, Amalgamated Bank grew its position in shares of PacWest Bancorp by 22.0% in the fourth quarter. Amalgamated Bank now owns 102,456 shares of the financial services provider’s stock valued at $2,351,000 after purchasing an additional 18,456 shares during the last quarter. Hedge funds and other institutional investors own 79.80% of the company’s stock.
PacWest Bancorp Price Performance
Shares of NASDAQ:PACW opened at $9.03 on Thursday. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -0.85 and a beta of 1.45. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.02 and a quick ratio of 1.01. The firm has a 50 day simple moving average of $8.24 and a 200 day simple moving average of $13.64. PacWest Bancorp has a one year low of $2.48 and a one year high of $30.43.
PacWest Bancorp Cuts Dividend
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on PACW. Odeon Capital Group started coverage on PacWest Bancorp in a research report on Thursday, June 8th. They issued a “hold” rating and a $8.75 price target on the stock. Wells Fargo & Company cut their price target on shares of PacWest Bancorp from $30.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 5th. Truist Financial cut their price target on shares of PacWest Bancorp from $13.00 to $10.00 in a research note on Thursday, June 29th. TheStreet cut shares of PacWest Bancorp from a “c” rating to a “d+” rating in a research note on Tuesday, April 25th. Finally, Keefe, Bruyette & Woods lowered shares of PacWest Bancorp from an “outperform” rating to a “market perform” rating in a report on Sunday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.08.
Check Out Our Latest Report on PacWest Bancorp
PacWest Bancorp Company Profile
PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides various banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate mortgage loans, and real estate construction and land loans to professional developers and real estate investors for the acquisition, refinancing, renovation, and construction of commercial real estate properties; lender, equipment, and premium finance; other asset-based loans; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases.
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